Marine financing is an uncomplicated matter, you simply shop for the best deal. Due to a very competitive market here in South Florida, we can usually secure the lowest interest rates in the industry for you. But don't take our word for it. Shop first with your local bank or any other sources you have. Then compare their offer with ours. We recommend that you get pre-qualified for a loan before boat shopping.

What you should look for (and we offer):

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A low interest rate

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A fixed rate, simple interest loan with no points or prepayment penalty

If there is even one 30 day late payment on a major loan such as a mortgage or car loan, it might hurt the deal. A couple of 30 days past due payments on credit cards will usually be acceptable if the major loans are OK.

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Comparable Credit

Whether you want to borrow $200,000 or $2,000,000, you need to have borrowed that kind of money in the past. Most people qualify in this area because of their home mortgage. If the boat loan is your first large loan, it may be declined.

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Debt-To-Income Ratio

Must not exceed 38%. The bank will determine the debt-to-income ratio by averaging the gross income, as shown on the last 2 years' tax returns, and then calculate the debt: mortgage payment car payment, credit card payment, the new boat loan, etc. These monthly payments should not exceed 38% of the gross monthly income.

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Net Worth

The net worth should be at least 2 times the amount of the boat loan. Net worth is calculated by adding up the value of everything owned, and then subtracting everything owed.

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Liquidity

The bank will want to see that there is enough cash or securities that can be readily converted to cash, to make the 20% down payment and still have plenty left. If all the cash is being used up to make the down payment, the loan will probably be declined.

These are good general guidelines, but exceptions can be made to all of the above. Because interest rates fluctuate, feel free to call us at 954-463-5900 for current rates and a financing application.